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Howard Marks Oaktree Capital Management

AUM $7.21B
1-Year Est. Return 45.97%
 

Howard Marks is co-founder of Oaktree Capital Management, a leading firm in credit, distressed debt, and alternative credit strategies. He is equally well known for his widely read client memos on market cycles, risk, and investor psychology. Marks’s investing philosophy stresses second-level thinking, asymmetric risk/reward, and the importance of understanding where markets sit in the credit cycle.

This Fund
S&P 500
This Quarter Est. Return
+2.67%
1 Year Est. Return
+45.97%
3 Year Est. Return
+88.04%
5 Year Est. Return
+157.91%
10 Year Est. Return
+691.44%
AUM
$9.04B
AUM Growth
-$471M
Cap. Flow
-$1.47B
Cap. Flow %
-16.25%
Top 10 Hldgs %
56.42%
Holding
377
New
23
Increased
11
Reduced
21
Closed
75

Top Buys

Rank Stock Value
1
DQ
Daqo New Energy
DQ
+$48.5M
2
BBD icon
Banco Bradesco
BBD
+$20.8M
3
ALVO icon
Alvotech
ALVO
+$18.2M
4
YPF icon
YPF Sociedad Anonima ADS
YPF
+$15.2M
5
STHO icon
Star Holdings Shares of Beneficial Interest
STHO
+$14.6M

Top Sells

Rank Stock Value
1
WFRD icon
Weatherford International
WFRD
+$100M
2
VST icon
Vistra
VST
+$50.3M
3
ITUB icon
Itaú Unibanco
ITUB
+$34.7M
4
PCG icon
PG&E
PCG
+$34M
5
PHM icon
Pultegroup
PHM
+$28.2M

Sector Composition

Rank Sector Weight
1 Energy 32.74%
2 Financials 11.29%
3 Industrials 10.53%
4 Utilities 7.2%
5 Materials 5.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ATMCU
176
DELISTED
AlphaTime Acquisition Corp Unit
ATMCU
– –
-250,000
Closed -$2.53M
BELFA icon
177
Bel Fuse Inc Class A
BELFA
$3.09B
– –
-51,056
Closed -$1.65M
BGT icon
178
BlackRock Floating Rate Income Trust
BGT
$324M
– –
-261,091
Closed -$2.86M
CDT icon
179
CDT Equity Inc
CDT
$2.25M
– –
0
– -$6.15M
CIVI
180
DELISTED
Civitas Resources
CIVI
– –
-115,000
Closed -$6.66M
DTI icon
181
Drilling Tools International
DTI
$92.1M
– –
-400,000
Closed -$4.1M
ECDAW
182
DELISTED
ECD Automotive Design Warrant
ECDAW
– –
-990,000
Closed -$15.8K
FCT
183
DELISTED
First Trust Senior Floating Rate Income Fund II
FCT
– –
-809,115
Closed -$7.71M
FRA icon
184
BlackRock Floating Rate Income Strategies Fund
FRA
$382M
– –
-519,542
Closed -$5.85M
HSPOU
185
DELISTED
Horizon Space Acquisition I Corp Unit
HSPOU
– –
-250,000
Closed -$2.52M
MHO icon
186
M/I Homes
MHO
$3.85B
– –
-210,000
Closed -$9.7M
OPTX icon
187
Syntec Optics
OPTX
$343M
– –
-140,000
Closed -$1.4M
PAGS icon
188
PagSeguro Digital
PAGS
$2.38B
– –
-1,586,397
Closed -$13.9M
PARR icon
189
Par Pacific Holdings
PARR
$3.96B
– –
-850,000
Closed -$19.8M
PHM icon
190
Pultegroup
PHM
$24.6B
– –
-619,000
Closed -$28.2M
SHLS icon
191
Shoals Technologies Group
SHLS
$1.19B
– –
-11,980
Closed -$296K
VAL icon
192
Valaris
VAL
$6.09B
– –
-370,155
Closed -$25M
VGAS icon
193
Verde Clean Fuels
VGAS
$27.1M
– –
-550,000
Closed -$5.01M
XP icon
194
XP
XP
$8.53B
– –
-120,289
Closed -$1.85M
ZCAR
195
DELISTED
Zoomcar
ZCAR
– –
-50
Closed -$1.03M
TRUG icon
196
TruGolf
TRUG
$1.64M
– –
-850
Closed -$4.51M
STI icon
197
Solidion Technology
STI
$65M
– –
-5,100
Closed -$2.61M
DHAI
198
DELISTED
DIH Holdings US
DHAI
– –
-38,000
Closed -$9.72M
ZEO
199
Zeo Energy
ZEO
$15.5M
– –
-75,000
Closed -$776K
CURR
200
Currenc Group
CURR
$394M
– –
-900,000
Closed -$9.32M
6 7
8
9 10

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Howard Marks's Q1 2023 Portfolio in Review

As of Q1 2023, Howard Marks held 377 positions worth $9.04B, down 4.9% from $9.51B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Howard Marks withdrew a net $1.47B in Q1 2023, closing 75 positions and reducing 21 holdings. Its most notable exit was Pultegroup, an estimated $28.2M position sold in full.

By sector, the portfolio is most concentrated in Energy at 33% of assets, down from 34% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Daqo New Energy worth $49.5M.

  • Howard Marks's largest Q1 2023 buy was Daqo New Energy: 1,056,121 shares worth $49.5M.
  • Howard Marks added most to Banco Bradesco in Q1 2023, an estimated $20.8M increase.
  • Howard Marks's biggest Q1 2023 reduction was Weatherford International, cutting an estimated $100M.
  • Howard Marks fully exited Pultegroup in Q1 2023, selling an estimated $28.2M.
  • Howard Marks's ten largest holdings make up 56% of its $9.04B portfolio in Q1 2023.
  • Howard Marks opened 23 new positions and closed 75 in Q1 2023.
  • Howard Marks's portfolio value fell 4.9% quarter-over-quarter to $9.04B.

Based on Oaktree Capital Management's 13F filing for Q1 2023, filed 15 May 2023.